Bullion Cues: No Trade Zone

Gold ($5,043/ounce) and silver ($77.50/ounce) saw varying performances for a second week in a row. While the former gained 1.6 per cent, the latter dropped 0.6 per cent.

In the domestic market, gold futures (₹1,55,895/10gm) rose 0.3 per cent whereas silver futures (₹2,44,360/kg) slipped 2.2 per cent. Here is our analysis:

MCX-Gold (₹1,55,895)

Gold futures (April) was trading flat until Wednesday last week. While it fell on Thursday, it recovered most of that loss on Friday.

That said, at a broader level, the contract appears to be in a consolidation phase. The price action since February 4 shows that gold futures has been oscillating between ₹1,50,000 and ₹1,61,000. The next leg of trend depends on the break of this price band.

Resistance above ₹1,61,000 is at ₹1,75,000 whereas the support below ₹1,50,000 can be spotted at ₹1,38,000.

 Trade strategy: As gold futures is now charting a sideways trend, traders can stay out.

MCX-Silver (₹2,44,360)

Silver futures (March) followed a similar pattern in movement last week. That is, it was flat till Wednesday but fell on Thursday and witnessed a recovery on Friday. But the uptick in the last session was minimal, the reason for silver futures underperforming gold futures.

The chart shows that silver futures has entered a consolidation phase with boundaries at ₹2,28,000 and ₹2,80,000. While this price range may appear small on the chart given the recent volatility silver futures has witnessed, it is a broader price band, and the contract can be expected to trade within the region for some time.

Resistance above ₹2,80,000 is at ₹3,00,000 whereas the support below ₹2,28,000 is at ₹2,00,000.

Trade strategy: Refrain from new trades.

Published on February 14, 2026